Builders and real estate negotiators should understand that the ancient science could be incorporated into their site and house designs without compromising on their profits .
In India, several new housing schemes in Jaipur and Chennai have included Vastu principles in their projects and have attracted a strong response from house buyers.
During the Vedic period (2500BCE-200CE), the Indo-Aryans used Vastu in town planning to shape settlements into various categories, depending upon the characteristics of the population.
Vastu was applied not only to residential buildings and temples but also military barracks, market places, ports, administration buildings and palaces. Many of these places have stood the test of time.
Vastu goes beyond architecture: great masters have recorded that its principles encompass the geological, geophysical and above all, cosmological and celestial aspects.
The demands of Vastu for housing developments are logical and the science encourages developers to be more conscious of the environment when putting up structures.
Incidents of housing schemes that are abandoned half way through construction, landslides & mishaps occurring at the construction stage & completed houses that prove difficult to sell could be attributed to POOR VASTU Practices & Builders being insensitive to the environment. The need for Vastu Consultants and Their Optimum involvement in the project become imperative as the decision makers cannot be master of all the jobs. A sound advice and proper guidance is required for the project in right direction.
It is, therefore, becomes of prime importance to evolve a system where the contribution of the Vastu Expert is optimized and the scarce Resources are utilized to their fullest potential.
I Have received a fabulous response from Builders and Numerous Queries from Reputed Building Contractors mainly asking me As to How Vastu Can be used effectively for their Construction Activities, As More often their Projects are already Designed and they merely have to carry out the construction as per the schedule without any changes.
Based on the Above Queries I am writing the Following Article explaining a few points As to how Vastu Can be effectively used and very well followed (in a Limited manner) to generate positive Energy and Better Results.
Reserve Bank of India (RBI) Guidelines on NRI Investment in properties in IndiaPERMISSION FOR PURCHASE OF RESIDENTIAL PROPERTY / COMMERCIAL PROPERTY.
NRIs holding Indian passports - No permission required.
NRIs holding foreign passports - Intimation to RBI via form IPI - 7 within 90 days of purchase of property or final payment of consideration Funds through NRE / NRO accounts.
II. SALE OF PROPERTY
Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.
III. REPATRIATION OF SALE PROCEEDS
Repatriation of proceeds from sale of residential property purchased on or after 26th May 1993 is allowed.
The RBI will consider repatriation of the consideration amount remitted in foreign exchange for the acquisition of 2 properties. The sale has to have taken place after 3 years from the date of final purchase deed or from the date of final payment.
Application of repatriation (IPI - 8) has to be done within 90 days of the sale of the property.
IV. INCOME FROM PROPERTY
NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account.
Subject to changes from time to time.
E. & O.E.
V. RETURN ON INVESTMENT
RENTAL RETURNS - The rental returns on an investment in Residential property
in Chennai is 5% - 6% p.a.
VI. APPRECIATION OF PROPERTY
Conservative estimate of appreciation on an investment in property in Chennai is about 20% p.a. NRIs start to gain by investing in Real Estate when compared to the investments on the NRNR / FCNR deposits.
While purchasing a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout title search, etc.
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